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As applied to Europe, the Keynesian view is that the quickest way to achieve the needed inflation is for member nations to quit the euro, revert to a former local currency, and then devalue these currencies. Today, in none of the richest countries does it account for more than 20 per cent. The first problem is that inflation is hard to control: once it gets started, there is no guarantee that it can be stopped at 5 percent a year.
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